利率市场化与企业会计信息质量——基于贷款利率去管制的准自然实验  

Interest Rate Marketization and Corporate Accounting Information Quality:A Quasi-natural Experiment of Loan Interest Rate Deregulation

作　　者：马黎珺[1] 张雯宇 谢露 Ma Lijun;Zhang Wenyu;Xie Lu

机构地区：[1]对外经济贸易大学国际商学院,北京100029 [2]暨南大学管理学院,广州510632

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2022年第11期51-66,共16页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金(71790604、71802048、71902071);对外经济贸易大学中央高校基本科研业务费专项资金资助一带一路"研究数据库建设项目(TS4-08)的资助。

摘　　要：本文以我国贷款利率上限和下限去管制为准自然实验,采用双重差分法,实证检验了贷款利率市场化对企业会计信息质量的影响。研究发现,相比低风险企业,高风险企业的会计信息质量在贷款利率上、下限放开后均显著提升;说明高风险企业主动改善了会计信息质量以降低银行的信息风险,从而获取信贷资源。当企业面临严重的融资约束,当银行难以从替代性信息渠道获取企业私有信息,以及当企业所在地区的商业银行竞争更激烈时,放开贷款利率上、下限管制对高风险企业会计信息质量的影响更加显著。进一步研究发现,贷款利率市场化提高了会计信息在债务契约中的作用,表现为贷款利率市场化减少了信贷配置过程中的所有权歧视和规模歧视,增加了银行对借款企业会计信息的依赖程度。本文从会计信息质量的角度,揭示了贷款利率市场化影响资金配置效率的微观作用机理,为会计信息在我国债务契约中的有用性提供了可信的证据;同时,本文也证明了市场化的资源配置机制为企业改善会计信息质量提供了内生动力。Based on a quasi-natural experiment which removes the upper and lower limits of loan interest rate in China,this paper empirically tests the impact of loan interest rate marketization on corporate accounting information quality.The study finds that compared with low-risk enterprises,the accounting information quality of high-risk enterprises improves significantly after the upper and lower limits of loan interest rate are removed,suggesting that highrisk enterprises have stronger incentives to improve accounting information quality to obtain credit resources.Crosssectional tests show that the baseline results are more pronounced when firms face severer financing constraints,when it is more difficult for banks to obtain firms'private information from alternative information sources,and when the bank competition in a firm's headquartered province is more intense.While previous studies find that state-owned enterprises and large firms enjoy priorities in obtaining bank loans,our results show that those firms also need to improve their accounting information quality to compete for credit resources after the marketization of loan interest rate.Our paper reveals that loan interest rate marketization highlights the usefulness of accounting information in the allocation of bank credit resources,which settles the divergences in literature concerning the usefulness of accounting information in debt contracts in China.We also demonstrate that the marketization of resource allocation mechanisms can provide endogenous driving forces for firms to improve accounting information quality.

关 键 词：贷款利率市场化 会计信息质量 信贷资源配置 企业风险 

分 类 号：F83[经济管理—金融学]